The Jones Zafari Klein Tournat & Castagnola Group

Our group of investment professionals provides financial services and strategies for ultra-affluent individuals, families, corporations, endowments, and foundations. Ninety clients have entrusted us with $15 billion in assets as of January 1st, 2014. Clients include entrepreneurs, Fortune 500 executives, media personalities, non-profit organizations, and owners of private corporations; accounts range in size from $10 million to over $1 billion.

Depth of Experience

Our team draws upon the combined talents and efforts of 22 individuals. The breadth of our group enables us to provide clients with in-depth knowledge within an intimate, attentive framework that is highly focused on their needs. Each client has direct, one-on-one access to a partner of our group. The immediacy of this relationship, combined with the scope of our services, creates a powerful dynamic that seeks to enhance, organize, and streamline clients’ financial lives.

Focused Attention

We inherently recognize that the needs and desires of high-net-worth clients are distinctive, requiring the upmost professionalism, discretion, and focus. Our strategies and offerings are designed to address clients’ complex, wide ranging financial needs:

Investment management

Trust and estate planning strategies

Brokerage

Tax-effective hedging and diversification strategies

Credit and banking needs through Bank of America, N.A.

Family office services

Dedicated Investment Analysis

The open investment platform within Bank of America Merrill Lynch enables our group to access investment strategies wherever they are housed. Given the size and scale of our group, we have dedicated resources for investment manager due diligence. Our team conducts over 1,000 calls and meetings with investment managers each year. This commitment to investment analysis provides us with valuable insight into market conditions, investment capacity, new investment strategies, and rising talent. We parlay this knowledge into timely strategic and tactical investment approaches that seek to enhance portfolio returns while dampening risk.

Investment Philosophy

We believe that maintaining a contrarian mindset and embracing flexibility are key activities of portfolio construction. The investment goal for our strategies is to provide market-driven returns, with size, style and geographic diversification. We seek to bolster returns through tactical allocations, providing a broad range of investment choices to serve client needs.

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12005 – 2014 Top 100 Advisor Methodology Summary: Advisors considered for the "America's Top 100 Financial Advisors list" ranking have a minimum of seven years financial services experience and have been employed at their current firm for at least one year. Quantitative and qualitative measures used to determine the Advisor rankings include client assets, return on assets, client satisfaction/retention, compliance records, and community involvement, among others. Barron’s does not receive compensation from Advisors, participating firms and their affiliates, or the media in exchange for rankings. Barron’s is a trademark of Dow Jones & Company, Inc. All rights reserved.

22009 – 2014 Top 1,200 Advisor Methodology Summary: Advisors considered for the "America's Top 1,200 Advisors: State-by-State" ranking have a minimum of seven years financial services experience and have been employed at their current firm for at least one year. Quantitative and qualitative measures used to determine the Advisor rankings include: client assets, return on assets, client satisfaction/retention, compliance records, and community involvement, among others. Barron’s does not receive compensation from Advisors, participating firms and their affiliates, or the media in exchange for rankings. Barron’s is a trademark of Dow Jones & Company, Inc. All rights reserved.

3The Financial Times Top 400 Financial Advisors, April 11, 2013 and March 25, 2014. The Top 400 list is based in large part on data gathered from and verified by broker-dealer home offices, and, as identified by the FT, reflected each advisor’s performance in six primary areas, including assets under management, asset growth, compliance record, experience, credentials and accessibility. The full methodology is published here: http://www.money-media.com/ft400.shtml.

4Advisors on the Top 100 Wirehouse Advisors in America list are ranked exclusively by assets under management custodied at the four wirehouse firms. Only advisors for whom 60 percent or more of assets correspond to retail clients were eligible for the list. REP. magazine and wealthmanagement.com do not receive any compensation from financial advisors, participating firms and affiliates, or the media in exchange for rankings.

Neither Merrill Lynch nor its Financial Advisors provide tax, accounting or legal advice. Clients should review any planned financial transactions or arrangements that may have tax, accounting or legal implications with their personal professional advisors.

Asset Allocation does not ensure a profit or protect against loss in declining markets.

Richard focuses on asset allocation, trust services, and credit products, having worked in these areas since 1980. Richard held tenures with J.P. Morgan and Bank of America before joining Merrill Lynch in 1999. Richard has spent his entire career working with high-net-worth individuals, foundations and pension funds. He received his master’s degree in International Finance from Columbia University in 1980 and his undergraduate degree from Boston University, where he graduated Magna Cum Laude. Richard is the Chairman of the Advisory Council To Management for Merrill Lynch Private Banking & Investment Group, is a member of the board of Los Angeles Opera, Los Angeles Music Center, Bet Tzedek Legal Services, LA Opera Council, LA Philharmonic Association (Board of Overseers), and President of the LA Music Center Leadership Council.

Asset Allocation does not ensure a profit or protect against loss in declining markets.

Reza has worked in private investment services since 1984. He concentrates on equity portfolio management, private equity, and diversification strategies. He spent three years at J.P. Morgan in Los Angeles, where he managed private banking services for the West Coast South Region, including securities brokerage, investment advisory, trust and estate planning services, and credit groups before moving to Merrill Lynch in 1999. Reza also worked for 12 years at Goldman Sachs & Co. and Credit Suisse First Boston in Private Client Services. Reza received his M.B.A. from the Anderson School at UCLA and his B.A. in Economics from Pomona College. He is on the Board of Trustees of Pomona College.

Jerry has worked in investment management consulting since 1994, with a focus on alternative investments including currencies, hedge funds, private equity and commodities. Jerry advised private clients as a Vice President at J.P. Morgan Securities and as an Associate with Credit Suisse First Boston before moving to Merrill Lynch in 1999. He is a portfolio manager for the team’s alternatives strategy within the Merrill Lynch, PIA program. Jerry received his M.B.A. from the Anderson School at UCLA and graduated Cum Laude with a degree in history from the University of Chicago.

Note: Some or all alternative investments may not be suitable for certain investors.

Tom focuses on diversification strategies for large single-stock positions, and trust and estate planning strategies. He has been advising high-net-worth clients since 1989. Prior to moving to Merrill Lynch in 1999, Tom was a Vice President at J.P. Morgan Securities in Los Angeles. His career also includes tenures with a commercial investment real estate firm, and the M&A group of a global accounting firm. He received an M.B.A. from the Anderson School at UCLA and a B.A. in business economics with honors from the University of California at Santa Barbara.

Asset Allocation does not ensure a profit or protect against loss in declining markets.

Joseph joined Merrill Lynch in 1999, and has been working with the team since 2006. He began his financial services career in the insurance industry, where he focused on pension consulting, defined benefit and defined contribution sales. Joseph applies his institutional consulting experience to constructing, implementing and monitoring financial strategies designed to pursue unique client objectives in the areas of tax minimization*, wealth transfer, insurance, investments, and liability management. He is a portfolio manager for the team’s alternatives strategy within the Merrill Lynch, PIA program. He received his B.A. from the University of California at Davis, where he studied political science and economics. He holds the Certified Investment Management Analyst® (CIMA®) designation and the CFP® certification awarded by the Certified Financial Planner Board of Standards, Inc. Joseph is also an Advisory Board Member of the finance department within San Diego State University’s graduate school of business and is a frequent guest lecturer. He is also an active member of the Century Club, a 501 c 3 charitable organization organized to administer and promote San Diego’s annual PGA TOUR golf tournament. The annual net earnings of the corporation are used solely for charitable purposes, with a focus on San Diego at-risk youth.

Investment Management Consultants Association (IMCA®) is the owner of the certification marks CIMA® and Certified Investment Management Analyst®. Use of CIMA® and Certified Investment Management Analyst® signifies that the user has successfully completed IMCA’s initial and ongoing credentialing requirements for investment management consultants.

*Neither Merrill Lynch nor its Financial Advisors provide tax, accounting or legal advice. Clients should review any planned financial transactions or arrangements that may have tax, accounting or legal implications with their personal professional advisors.

Dave began his career as an analyst at JPMorgan in 1996, and moved with his current partners to Merrill Lynch in 1999. He has extensive experience advising private clients and institutions, with a particular focus on asset allocation strategy, global equity portfolio management, and investment manager selection. He currently oversees the team’s asset allocation process. Dave holds the Chartered Financial Analyst® (CFA®) designation. He received his B.A. from Claremont McKenna College, where he graduated Cum Laude.

Chartered Financial Analyst® and CFA® are registered trademarks of the CFA Institute.

Asset Allocation does not ensure a profit or protect against loss in declining markets.

Eleni began her career as an investment banking analyst at Morgan Stanley. She held successive positions in the equity research division as an associate covering gold and non-ferrous metals, and as a member of the model portfolio research team. Eleni joined Merrill Lynch in 2002. As head of the team’s Fixed Income group, she focuses her attention on the team’s fixed income strategies and credit opportunities strategies. She also co-manages the credit opportunities strategy. She graduated Cum Laude with a B.A. in Economics and Psychology with Honors from Smith College and received her M.B.A. from Stanford University’s Graduate School of Business.

Audney has worked with high-net-worth families, foundations and endowments since 1997. He joined The Private Banking and Investment Group at Merrill Lynch in 2004 to work directly with clients, offering counsel and advice on multiple aspects of their financial well-being. He creates customized strategies for a select number of families across the United States in the areas of asset allocation*, estate planning services for multiple generations, liability management, and the psychological aspects of significant wealth on family dynamics. He holds two bachelor’s degrees from the University of Arizona and an M.B.A. in finance from the University of Southern California. In his spare time, Audney is active in sports, both coaching and participating. He is an amateur sommelier, earning the introductory certification from the Guild of Master Sommeliers. Audney lives with his wife and two children in Beverly Hills.

* Asset Allocation does not ensure a profit or protect against loss in declining markets.

Ryan began his financial services career in 2006 after earning his B.A. in Political Science and Sociology from Amherst College. He joined the team in 2007 as part of the Fixed Income investment team and helped to manage the Fixed Income, Balanced Plus, and Credit Opportunities strategies. Ryan works closely with clients advising them on portfolio strategies and trust and estate planning matters. He also counsels a number of institutional clients, assisting them with endowment and cash-management strategies.

Fraser first worked for Merrill Lynch in 2005 as an intern in the Los Angeles Private Banking & Investment Group office. In 2007, he graduated from Nottingham Business School, United Kingdom, earning a B.A. Honours degree in Business and Financial Services. In 2008, Fraser joined the Global Wealth Management division of Merrill Lynch’s London office, where he focused on new business development, research, and investment analysis. In 2011, Fraser rejoined the Los Angeles Private Banking & Investment Group, where he provides research and analysis for the fixed income and equities teams.

Guillaume joined the team in 2009 after earning his B.A. in Economics and Psychology at Claremont McKenna College. He spent three years on the Equity team, assisting with portfolio trading and client reviews, before leaving Merrill Lynch to work in the music industry. Gui rejoined the team in 2014 and has resumed his previous duties, with an emphasis on training new analyst members. He enjoys traveling and reading.

Wil joined Merrill Lynch in 2011 as an operations representative after earning his B.S. in Business Administration with a concentration in Management from California Baptist University. He joined the team in 2013 and provides research for the team’s fixed income strategy. He also assists with the management of the team’s fixed income and credit opportunities portfolios within the Merrill Lynch, PIA program.

Nicholas started his career as a proprietary trader in the global futures markets in 1994. A former partner and manager at a global trading firm, he has worked in Chicago, Frankfurt, London and Milan, providing him with extensive knowledge of the capital and derivatives markets. Nicholas received a B.S. from the University of California at Davis, where he studied agricultural and managerial economics. He joined the team in 2014 and is responsible for client coverage as well as providing analysis for the Liquid Alternatives portfolio within the Merrill Lynch, PIA program.

Victoria joined Merrill Lynch in 2014 after earning her B.A. in Economics and Government from Claremont McKenna College, where she graduated Summa Cum Laude. She provides research for the team’s equity strategies and assists in the management of the team’s Equity Plus and Equity Income Growth portfolios within the Merrill Lynch, PIA program.

Elisa joined Merrill Lynch in 1999, and has been working with the team since 2009. She has worked in the financial services industry since 1979, with tenures at Torrey Pines Securities, Smith Barney, UBS, and Bateman Eichler Hill Richards. Her primary responsibilities are client relationship management and servicing of accounts.

Judith joined Merrill Lynch in 1997. She has been working with the team since 2009. Judith began her financial services career in 1994 with Prudential Securities. Her primary responsibilities are client relationship management and the servicing of accounts. She holds a B.A. in Business Management from De La Salle University, Manila, Philippines.

Jenna joined Merrill Lynch in 1999 after working in the real estate and asset management industry for five years. She spent the last 14 years working as an assistant on the Management Team in both the Downtown Los Angeles Office and Pasadena Office. Jenna joined The Jones, Zafari, Klein, Tournat & Castagnola Group in 2013 and is responsible for client relationship management and team administrative duties.

Lily joined Merrill Lynch in 1993. Her primary responsibilities are client relationship management and servicing of accounts. She received her B.S. in Business Administration from the University of Southern California.

Lisa joined Merrill Lynch in 2000. Her primary responsibilities are client relationship management and the servicing of accounts. She received her B.A. in Political Science from University of California Los Angeles.

Jeremy began his career as a consultant at Deloitte & Touche LLP, focusing on regulatory, risk, and compliance issues for financial services clients. He joined Merrill Lynch in 2014 and provides the team with operations and financial reporting support. Jeremy received his B.A. in Economics from Amherst College and his M.B.A. from Louisiana State University.

The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group's Private Wealth Advisors through MLPF&S, a registered broker-dealer and registered investment adviser. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Investments involve risk, including the possible loss of principal investment.

The banking, credit and trust services sold by the Group's Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC, and other affiliated banks.

MLPF&S is a registered broker-dealer, Member SIPC and wholly owned subsidiary of Bank of America Corporation.